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<br /> SPECIAL ISSUE<br /> Midyear Outlook<br /> www.nreionline.com<br /> Midyear<br /> Outlook<br /> Insights from more than 60 firms on<br /> every aspect of the commercial real<br /> estate industry.<br /> Midyear Outlook: 2017<br /> CONTENTS<br /> 2 EDITOR’S LETTER<br /> OUTLOOKS<br /> 6 Alliant Credit Union<br /> As Signs Point to a Multifamily<br /> Cycle Downturn, It’s Time to<br /> Start Thinking Ahead<br /> 7 Arbor<br /> As the Multifamily Cycle<br /> Matures, Asset Classes<br /> Diverge<br /> 8 ArborCrowd<br /> Is an Overheated Stock Market<br /> Driving Investors to Real<br /> Estate?<br /> 9 Avison Young<br /> Strategic Insight is Paramount<br /> as E-Commerce Matures<br /> 10 Bellwether Enterprise<br /> The Proliferation of Incentive<br /> Programs: Addressing the<br /> Nationwide Need for Affordable<br /> Housing<br /> 12 Berkadia<br /><a title="Midyear Outlook 2017 page 1" href="http://viewer.zmags.com/publication/3f3e8b69?page=1"> SPECIAL ISSUE Midyear Outlook www.nreionline.com</a> <a title="Midyear Outlook 2017 page 2" href="http://viewer.zmags.com/publication/3f3e8b69?page=2"> Midyear Outlook: 2017 CONTENTS 2 EDITOR’S LET</a> <a title="Midyear Outlook 2017 page 3" href="http://viewer.zmags.com/publication/3f3e8b69?page=3"> Midyear Outlook: 2017 20 CCIM Legaliz</a> <a title="Midyear Outlook 2017 page 4" href="http://viewer.zmags.com/publication/3f3e8b69?page=4"> Midyear Outlook: 2017 52 Meridian Capital G</a> <a title="Midyear Outlook 2017 page 5" href="http://viewer.zmags.com/publication/3f3e8b69?page=5"> Midyear Outlook: 2017 EDITOR'S NOTE Wh</a> <a title="Midyear Outlook 2017 page 6" href="http://viewer.zmags.com/publication/3f3e8b69?page=6"> Midyear Outlook: 2017 As Signs Point to a Mul</a> <a title="Midyear Outlook 2017 page 7" href="http://viewer.zmags.com/publication/3f3e8b69?page=7"> Midyear Outlook: 2017 As the Multifamily Cycl</a> <a title="Midyear Outlook 2017 page 8" href="http://viewer.zmags.com/publication/3f3e8b69?page=8"> Midyear Outlook: 2017 Is an Overheated Stock </a> <a title="Midyear Outlook 2017 page 9" href="http://viewer.zmags.com/publication/3f3e8b69?page=9"> Midyear Outlook: 2017 Strategic Insight is Pa</a> <a title="Midyear Outlook 2017 page 10" href="http://viewer.zmags.com/publication/3f3e8b69?page=10"> Midyear Outlook: 2017 The Proliferation of In</a> <a title="Midyear Outlook 2017 page 11" href="http://viewer.zmags.com/publication/3f3e8b69?page=11"> </a> <a title="Midyear Outlook 2017 page 12" href="http://viewer.zmags.com/publication/3f3e8b69?page=12"> Midyear Outlook: 2017 Maintaining CRE Momentu</a> <a title="Midyear Outlook 2017 page 13" href="http://viewer.zmags.com/publication/3f3e8b69?page=13"> Midyear Outlook: 2017 U.S. Permanent Residenc</a> <a title="Midyear Outlook 2017 page 14" href="http://viewer.zmags.com/publication/3f3e8b69?page=14"> Midyear Outlook: 2017 Brand Affiliation Gives </a> <a title="Midyear Outlook 2017 page 15" href="http://viewer.zmags.com/publication/3f3e8b69?page=15"> GLō® Executive Residency by Best Western® </a> <a title="Midyear Outlook 2017 page 16" href="http://viewer.zmags.com/publication/3f3e8b69?page=16"> Midyear Outlook: 2017 The Three Retail Trends</a> <a title="Midyear Outlook 2017 page 17" href="http://viewer.zmags.com/publication/3f3e8b69?page=17"> Midyear Outlook: 2017 The Strength of the S</a> <a title="Midyear Outlook 2017 page 18" href="http://viewer.zmags.com/publication/3f3e8b69?page=18"> Midyear Outlook: 2017 Opportunities Abound in</a> <a title="Midyear Outlook 2017 page 19" href="http://viewer.zmags.com/publication/3f3e8b69?page=19"> Midyear Outlook: 2017 How to Step Outside You</a> <a title="Midyear Outlook 2017 page 20" href="http://viewer.zmags.com/publication/3f3e8b69?page=20"> Midyear Outlook: 2017 Legalizing Marijuana Ra</a> <a title="Midyear Outlook 2017 page 21" href="http://viewer.zmags.com/publication/3f3e8b69?page=21"> Midyear Outlook: 2017 Covenants, Conditions</a> <a title="Midyear Outlook 2017 page 22" href="http://viewer.zmags.com/publication/3f3e8b69?page=22"> Midyear Outlook: 2017 The Bells and Whistles </a> <a title="Midyear Outlook 2017 page 23" href="http://viewer.zmags.com/publication/3f3e8b69?page=23"> Midyear Outlook: 2017 What Drives Value in </a> <a title="Midyear Outlook 2017 page 24" href="http://viewer.zmags.com/publication/3f3e8b69?page=24"> Midyear Outlook: 2017 Who Wins in the E-Comme</a> <a title="Midyear Outlook 2017 page 25" href="http://viewer.zmags.com/publication/3f3e8b69?page=25"> WHERE ARE YOUR REAL ESTATE DECISIONS TAKING YOU? </a> <a title="Midyear Outlook 2017 page 26" href="http://viewer.zmags.com/publication/3f3e8b69?page=26"> Midyear Outlook: 2017 Fortune Telling with Yo</a> <a title="Midyear Outlook 2017 page 27" href="http://viewer.zmags.com/publication/3f3e8b69?page=27"> Where the commercial real estate industry tur</a> <a title="Midyear Outlook 2017 page 28" href="http://viewer.zmags.com/publication/3f3e8b69?page=28"> Midyear Outlook: 2017 Self Storage: A Sough</a> <a title="Midyear Outlook 2017 page 29" href="http://viewer.zmags.com/publication/3f3e8b69?page=29"> Midyear Outlook: 2017 Where to Invest in Eu</a> <a title="Midyear Outlook 2017 page 30" href="http://viewer.zmags.com/publication/3f3e8b69?page=30"> Midyear Outlook: 2017 Multifamily Outlook: Ste</a> <a title="Midyear Outlook 2017 page 31" href="http://viewer.zmags.com/publication/3f3e8b69?page=31"> Midyear Outlook: 2017 While the Economy Prese</a> <a title="Midyear Outlook 2017 page 32" href="http://viewer.zmags.com/publication/3f3e8b69?page=32"> Midyear Outlook: 2017 What You Don't Know Abo</a> <a title="Midyear Outlook 2017 page 33" href="http://viewer.zmags.com/publication/3f3e8b69?page=33"> Midyear Outlook: 2017 Bolstered by Strong Fun</a> <a title="Midyear Outlook 2017 page 34" href="http://viewer.zmags.com/publication/3f3e8b69?page=34"> Midyear Outlook: 2017 2017 REIT Compensation </a> <a title="Midyear Outlook 2017 page 35" href="http://viewer.zmags.com/publication/3f3e8b69?page=35"> Midyear Outlook: 2017 2017 Trends in the So</a> <a title="Midyear Outlook 2017 page 36" href="http://viewer.zmags.com/publication/3f3e8b69?page=36"> Midyear Outlook: 2017 Three Forces Shaping th</a> <a title="Midyear Outlook 2017 page 37" href="http://viewer.zmags.com/publication/3f3e8b69?page=37"> Midyear Outlook: 2017 The Potential Impact of</a> <a title="Midyear Outlook 2017 page 38" href="http://viewer.zmags.com/publication/3f3e8b69?page=38"> Midyear Outlook: 2017 Hospitality: Checking</a> <a title="Midyear Outlook 2017 page 39" href="http://viewer.zmags.com/publication/3f3e8b69?page=39"> Midyear Outlook: 2017 A Case for Institutiona</a> <a title="Midyear Outlook 2017 page 40" href="http://viewer.zmags.com/publication/3f3e8b69?page=40"> Midyear Outlook: 2017 Defining Real Estate A</a> <a title="Midyear Outlook 2017 page 41" href="http://viewer.zmags.com/publication/3f3e8b69?page=41"> IREM® EDUCATION It’s Time to Get Smart </a> <a title="Midyear Outlook 2017 page 42" href="http://viewer.zmags.com/publication/3f3e8b69?page=42"> Midyear Outlook: 2017 The State of the Califo</a> <a title="Midyear Outlook 2017 page 43" href="http://viewer.zmags.com/publication/3f3e8b69?page=43"> Midyear Outlook: 2017 Why Student Housing i</a> <a title="Midyear Outlook 2017 page 44" href="http://viewer.zmags.com/publication/3f3e8b69?page=44"> Midyear Outlook: 2017 Retail Investment Gains</a> <a title="Midyear Outlook 2017 page 45" href="http://viewer.zmags.com/publication/3f3e8b69?page=45"> Ever wondered how successful investors seem to be</a> <a title="Midyear Outlook 2017 page 46" href="http://viewer.zmags.com/publication/3f3e8b69?page=46"> Midyear Outlook: 2017 The 2017 Outlook for Se</a> <a title="Midyear Outlook 2017 page 47" href="http://viewer.zmags.com/publication/3f3e8b69?page=47"> Midyear Outlook: 2017 Creating a Model That</a> <a title="Midyear Outlook 2017 page 48" href="http://viewer.zmags.com/publication/3f3e8b69?page=48"> Midyear Outlook: 2017 A Tale of Survival and </a> <a title="Midyear Outlook 2017 page 49" href="http://viewer.zmags.com/publication/3f3e8b69?page=49"> Midyear Outlook: 2017 Macro Market Dynamics P</a> <a title="Midyear Outlook 2017 page 50" href="http://viewer.zmags.com/publication/3f3e8b69?page=50"> Midyear Outlook: 2017 A Suburban Revival? Mil</a> <a title="Midyear Outlook 2017 page 51" href="http://viewer.zmags.com/publication/3f3e8b69?page=51"> Midyear Outlook: 2017 State of the National M</a> <a title="Midyear Outlook 2017 page 52" href="http://viewer.zmags.com/publication/3f3e8b69?page=52"> Midyear Outlook: 2017 The Floating-Rate Boom:</a> <a title="Midyear Outlook 2017 page 53" href="http://viewer.zmags.com/publication/3f3e8b69?page=53"> Midyear Outlook: 2017 Often Overlooked, Subur</a> <a title="Midyear Outlook 2017 page 54" href="http://viewer.zmags.com/publication/3f3e8b69?page=54"> Midyear Outlook: 2017 More Demand, Less Aff</a> <a title="Midyear Outlook 2017 page 55" href="http://viewer.zmags.com/publication/3f3e8b69?page=55"> Midyear Outlook: 2017 The Evolution of the Fi</a> <a title="Midyear Outlook 2017 page 56" href="http://viewer.zmags.com/publication/3f3e8b69?page=56"> Midyear Outlook: 2017 Life Company Lenders </a> <a title="Midyear Outlook 2017 page 57" href="http://viewer.zmags.com/publication/3f3e8b69?page=57"> ur real estate Your real estate ur real</a> <a title="Midyear Outlook 2017 page 58" href="http://viewer.zmags.com/publication/3f3e8b69?page=58"> Midyear Outlook: 2017 Opportunity Amid an Inc</a> <a title="Midyear Outlook 2017 page 59" href="http://viewer.zmags.com/publication/3f3e8b69?page=59"> Midyear Outlook: 2017 2017 Interest Rate Hi</a> <a title="Midyear Outlook 2017 page 60" href="http://viewer.zmags.com/publication/3f3e8b69?page=60"> Midyear Outlook: 2017 The Real Estate Indus</a> <a title="Midyear Outlook 2017 page 61" href="http://viewer.zmags.com/publication/3f3e8b69?page=61"> Midyear Outlook: 2017 “New Urbanism” Bringing</a> <a title="Midyear Outlook 2017 page 62" href="http://viewer.zmags.com/publication/3f3e8b69?page=62"> Midyear Outlook: 2017 Bright Spots in Retai</a> <a title="Midyear Outlook 2017 page 63" href="http://viewer.zmags.com/publication/3f3e8b69?page=63"> Midyear Outlook: 2017 The Asset Manager's D</a> <a title="Midyear Outlook 2017 page 64" href="http://viewer.zmags.com/publication/3f3e8b69?page=64"> Midyear Outlook: 2017 Malls in America: Rui</a> <a title="Midyear Outlook 2017 page 65" href="http://viewer.zmags.com/publication/3f3e8b69?page=65"> Midyear Outlook: 2017 The Baby Boomer Gener</a> <a title="Midyear Outlook 2017 page 66" href="http://viewer.zmags.com/publication/3f3e8b69?page=66"> Midyear Outlook: 2017 It's The Bottom of th</a> <a title="Midyear Outlook 2017 page 67" href="http://viewer.zmags.com/publication/3f3e8b69?page=67"> OPPORTUNITY Stewart Title Commercia</a> <a title="Midyear Outlook 2017 page 68" href="http://viewer.zmags.com/publication/3f3e8b69?page=68"> Midyear Outlook: 2017 The Future of Retail Ba</a> <a title="Midyear Outlook 2017 page 69" href="http://viewer.zmags.com/publication/3f3e8b69?page=69"> Midyear Outlook: 2017 Trees Don't Grow to t</a> <a title="Midyear Outlook 2017 page 70" href="http://viewer.zmags.com/publication/3f3e8b69?page=70"> Midyear Outlook: 2017 Commercial Real Estate </a> <a title="Midyear Outlook 2017 page 71" href="http://viewer.zmags.com/publication/3f3e8b69?page=71"> Midyear Outlook: 2017 Why Policy Initiative</a> <a title="Midyear Outlook 2017 page 72" href="http://viewer.zmags.com/publication/3f3e8b69?page=72"> Midyear Outlook: 2017 Student Housing's Nex</a> <a title="Midyear Outlook 2017 page 73" href="http://viewer.zmags.com/publication/3f3e8b69?page=73"> </a> <a title="Midyear Outlook 2017 page 74" href="http://viewer.zmags.com/publication/3f3e8b69?page=74"> Midyear Outlook: 2017 A Rising Economy is a L</a> <a title="Midyear Outlook 2017 page 75" href="http://viewer.zmags.com/publication/3f3e8b69?page=75"> STAND OUT TO THE UNKNOWN BUYER. 5,230 WEB</a> <a title="Midyear Outlook 2017 page 76" href="http://viewer.zmags.com/publication/3f3e8b69?page=76"> Midyear Outlook: 2017 Back to the Basics: Mer</a> <a title="Midyear Outlook 2017 page 77" href="http://viewer.zmags.com/publication/3f3e8b69?page=77"> Diverse Portfolio with Leading Companies</a> <a title="Midyear Outlook 2017 page 78" href="http://viewer.zmags.com/publication/3f3e8b69?page=78"> Midyear Outlook: 2017 Maximizing Value for In</a> <a title="Midyear Outlook 2017 page 79" href="http://viewer.zmags.com/publication/3f3e8b69?page=79"> Midyear Outlook: 2017 Multifamily Rents Are</a> <a title="Midyear Outlook 2017 page 80" href="http://viewer.zmags.com/publication/3f3e8b69?page=80"> </a>